A trading range between 2100 and 2040 has developed. The money flows generated by the ECB’s QE seems to be finding its way into the US markets.

The US Dollar has rallied out of a previous short position.
Bonds are trending down in price (up in yield).
Crude is in a long trade.
The metals: Copper is selling off, but the Gold is in an uptrend.

S&P 500_ futures.

Monthly – 2189 is the next target up. Trade pressures remain up. Volume is bullish.

Weekly – The next target up is 2254. A confirmation of a short needs a weekly close below 2040. Trade pressures are up. Volume has changed to neutral from bearish.

Daily –  the long cycle trade is still short from 2062 with a target of 1985.
Trade pressures are up. Volume is bullish. Stops on the longer cycle trade are at the 2110 pivot highs.

A short cycle trade is long from 2087 with a 2104 target, which is the top of the trading range mentioned above. 

Earnings season has begun. The market will react to the specific company reports. GE was up 11% on friday but the market averages didn’t respond to this Blue chip move.  Be alert around this 2100 area.